The siding market is projected to grow from USD 101.7 billion in 2019 to USD 126.3 billion by 2024, at a CAGR of 4% from 2019 to 2024. Siding market is expected to grow in accordance to the growth of construction industry across the globe. Factors such as increase in the residential and non-residential construction and infrastructure activities, along with the demand for durability of siding with the ability to withstand various weathering actions and resist chemical attacks & deterioration are expected to support market growth during the forecast period.
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In terms of value and volume, the fiber cement segment is estimated to lead the siding market in 2019.
Fiber cement held the largest market share among all the materials used for siding as it is affordable and is installed in regions having extreme weather conditions. It can expand and contract because of its unique composition. The fiber added to the cement makes it stronger and more durable. It also prevents cracks from appearing on the surface. Fiber cement is seen as a replacement for asbestos cement, which had carcinogenic effects on human health
In terms of value and volume, the residential segment is estimated to lead the siding market in 2019.
Siding enhances the aesthetic appeal of a building, along with properties such as durability and protection from extreme weathering has also driven the residential sector. Also, other benefits such as fire protection and high thermal efficiency will further increase the demand for siding. Most favorable material for residential siding include fiber cement, vinyl, bricks, and wood.
The North America region is projected to lead the siding market, in terms of both, value and volume, from 2018 to 2024. Factors such as development of green buildings, rising energy efficiency codes and building specifications are expected to drive the siding market growth in the North American region. In addition, increased focus on energy-efficient buildings, stringent requirements for insulation, and new building codes have generated awareness regarding thermal insulation in buildings in the region. Furthermore, government initiatives for incentive programs such as American Recovery and Reinvestment Act (ARRA) have helped increase the flow of funds for various projects, including infrastructure, housing, and energy.
Compagnie de Saint-Gobain S.A. (France), Westlake Chemical (US), Louisiana Pacific Corporation (US), Boral Limited (Australia), and Etex Group (Belgium) are key players operating in the siding market. Expansions, acquisitions, investments, and new product developments are some of the major strategies adopted by these key players to enhance their position in the siding market.
Compagnie de Saint-Gobain S.A. is one of the key industrial groups at a global level. It designs, manufactures, and supplies materials, as well as solutions for transportation, building, infrastructure, and industrial applications. The company operates through its four business segments, namely, building distribution, construction products, innovative materials, and others. The company offers a range of siding products through their subsidiary-CertainTeed. The company has a strong foothold across the globe with operations in 67 countries along with eight research centres worldwide.
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